Local REIT Obtains $111M Loan on Office Tower

American Assets Trust Inc. of San Diego has closed on a 10-year, $111 million mortgage loan, secured by an office tower that it recently acquired in suburban Seattle.

PNC Bank National Association provided the financing, at a fixed annual rate of 3.98 percent with interest-only payments. Loan proceeds will be used to reduce outstanding amounts on the company’s credit facility, the real estate investment trust said in a statement.

American Assets Trust recently purchased City Center Bellevue, a 27-story office tower in Bellevue, Wash., for approximately $229 million.

The REIT owns office, retail, hotel and apartment properties in California, Oregon, Washington and Hawaii. It trades under the symbol AAT on the New York Stock Exchange.